Crude Declines as the Delta Variant Threatens Global Oil Demand
- China outbreak biggest since late 2019, Thailand widens curbs
- Key OPEC+ producers raised crude shipment volumes in July
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Oil tumbled by the most in two weeks as a fast-spreading delta variant posed a threat to demand and as economic data out of China signaled a slowdown.
Futures in New York declined 3.6% on Monday. The virus is clouding the outlook for consumption as China faced a fresh outbreak and infections in Sydney matched a record. Amid the surge in cases, barrels from some key OPEC producers are hitting the market, also causing concern. Meanwhile, data indicated that China’s economic activity eased in July.